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Mon 16 Sep 2019 04:50 PM

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More than 100 FinTech firms now registered at Dubai's DIFC

Arif Amiri, CEO of DIFC Authority, hails milestone, says aiming to continue financial technology momentum

More than 100 FinTech firms now registered at Dubai's DIFC
Arif Amiri, CEO of DIFC Authority.

Dubai International Financial Centre (DIFC), home to the largest financial technology ecosystem in the region, on Monday marked a significant milestone having registered more than 100 FinTech firms.

The figures reflect a three-fold growth in registered FinTech firms since the end of 2018 as leading international and regional FinTech firms choose the DIFC as their preferred jurisdiction from which to scale their business in the region, said Arif Amiri, CEO of DIFC Authority.

He said: “The significant rise in the number of registered FinTech firms establishing a presence at the centre highlights our sustained efforts to transform the region’s financial technology ecosystem and drive sustainable economic growth. It is a reflection of our commitment to reinforcing Dubai’s position as one of the world’s top ten FinTech hubs."

Amiri added: “We aim to continue this momentum and growth through our evolving regulatory environment and the quality of collaborators we bring into the DIFC, as our vision of driving the future of finance becomes a reality.”

FinTech firms recently attracted by the DIFC span a variety of geographical markets and technologies, including Bankable, the UK-based architect of digital banking and payment solutions and QFPay, the global mobile payment technology company from Hong Kong, providing backend solutions to the likes of Alipay and Wepay.

DIFC said it has already seen a marked increase in the number of firms that make up its FinTech ecosystem, which more than doubled in size from over 80 to 200 companies in the last six months.

The financial hub added that it has also witnessed a significant upsurge in the number of FinTechs wanting to participate in the DIFC’s dedicated accelerator programmes, which has become a first step towards testing the regional market for many global start-ups.

Amiri said subsidised licensing options and access to a dedicated $100 million FinTech Fund managed by Middle East Venture Partners (MEVP) and Wamda Capital, have proven attractive for FinTech start-ups in DIFC.

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